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(Alliance News) - Power Metal Resources PLC on Thursday reported positive preliminary findings from a pitting, mapping, and sampling programme at its cobalt-nickel project in Cameroon.
In 2018, Power Metal acquired licences in south-eastern Cameroon, including four licences adjacent or near to the Nkamouna cobalt-nickel deposit, owned by Geovic Mining Corp.
The exploration and development company said the principle purpose of the work was to see if the licences bear geological similarity to that found at the Nkamouna deposit.
The findings showed Power Metal's Cameroon project has similar geology to Nkamouna. X-ray fluorescence testing of samples has identified anomalous cobalt across all pits, the company highlighted.
Power Metal is continuing its technical review of the results and will be submitting samples for full laboratory assay tests to validate the results.
"We consider this programme to have been successful in demonstrating that our project, in the key respects, has similar geology as at the large scale Nkamouna cobalt deposit, our neighbour," said Executive Director Paul Johnson.
"The results of this exploration programme have exceeded our expectations and affirms the company's Cameroon project as a very important strategic project for the company," added Johnson.
Power Metal shares were trading 5.3% lower on Thursday in London at 0.45 pence each.